Anyone Purchasing Property From Ambasun Bulgaria?

RIANNE_2

Hi
I too have purchased in Bulgaria in Bansko.

I visited the complex in August and it was coming along fine. I also have a letter from the developer, however I have spoken to Ambasun Bg who are now dealing with our complex instead of the UK and I have received confirmation of all payments made so far and that they have been passed to the developer. Do you have all your payment receipts and confirmation from Ambasun UK they have been passed over. My solicitor has confirmed that completion is now scheduled for end Jan 09, however I have not made my final payment yet and have been instructed by the solicitor to hold off until actual completion. ACT 16 which is the habitation cert/aproval can take up to 6 months from completion of the actual property. We met a couple whilst out there, and they had been waiting 4 months through another developer and agent due to pure overload for Bansko town hall due to the increase in requests. They are putting the infrastructure into Bansko and in 2 years plus I can see that it will be a thriving summer and winter resort. Bulgaria was always going to be a long term investment and not short term gain. I was told to expect 5 years to make a good profit on my place. We had a lovely holiday in summer and I do think it has tonnes to offer long term.

Sirhan_2

Rianne sure u dont work for Ambasun? anyway spoken to Sharon at Ambasun uk today. wait to hear about this meeting set for 27th Nov. the email i recieved from Bulgarian office i'm going to ignore. they and ambasun uk not singing from the same hym sheet.
still dont see why we should give over any money til the habitation certificate is given. fair enough in normal circumstances but not now! we didnt make this an issue ambasun did. if they cant keep their affairs in order not our problem.

GDB2222

I did notice that Rianne has a post count of 1, so .....

GDB2222

How much does property go for in Bulgaria, anyway? I noticed this property in an auction with quite a low guide price. I know absolutely nothing about it.
http://property.skbauctions.co.uk/images/09-12-08/LOT_006.pdf

RIANNE_2

No I definately do not work for Ambasun, but I have seen and visited the property which is probably more than most !!

I too am worried about all the info - however I have got confirmation on my payments so hopefully that is some protection either against Ambasun or the developer. Have you visited your site to see the work carried out??????????

GDB2222

If a farmhouse with land has a value of £3k, does it matter whether your property in Bulgaria get built, asssuming you've contracted to pay a good deal more than that?

The key thing when buying anywhere is to do lots of research, I spoke to a young chap who paid £100,000 for a property which I could get him similar for half-this as there are some good bargains about if Bulgaria is still where you want to purchase.

And my point is that, if the going rate for Bulgarian property is £3k not £50k or £100k, it doesn't make any sense to continue pouring money into the Ambasun property deal. Of course, you can't compare a farmhouse in the lowlands to a skiing resort, but it is indicative that these Ambasun places may be grossly overpriced in the first place.

neas

Rianne just your a new poster... posting solely in response to this thread... seems a bit suspicious...

Horseman_2

I am also a new poster and I've only joined because of the thread title. You can take note of what I say or ignore it basedon that.

I agree with something Rianne said. If you are worried about making further payments and you definitely are not simply going to cut your losses, you should get yourself a flight to Bulgaria and see what is happening to your development yourself.

You will then know if what you have been told resembles the truth.

If anyone wishes to pm me, please do.

RIANNE_2

I have only joined this site as I was looking to see if anyone else is in the same situation as myself.
I have actually stood on the balcony of my apartment so felt a little more at ease despite the fact that there is still loads of work to be done. As I understand it Albatros 5* Management will be responsible for the maintenance and running of the complex once complete. Whilst Ambasun UK are sorting out the dispute the handling has been passed to Ambasun in Sofia. My solicitor has instructed me not to send any money to the UK Ambasun but to await further instruction from sols as they discuss completion dates directly with the developer.

Have Ambasun receipted all your payments you have made to them and confirmed they have been passed over to developer? You need this in writing

RIANNE_2

SIRHAN

Not sure on your contract but mine states that incase of disputes and incidents out of the buyers control. The buyer is entitled to a refund of all sums paid up to the date of the dispute. Also that if the Seller does not deliver completion and habitation cert by 31st Dec 2008, the buyer is allowed to charge the seller .1% per day for every day over the original completion date. Interesting!!

My friend's sister in law is Bulgarian and she translated our contract into English for us to see if tied up with the Ambasun english version. (as the contract does state that in case of any misunderstanding the Bulgarian contract will apply over English one. I also got a copy of the developers confirmation that he owned the land. All may come in useful but hopefully may not need it. Bank guarantee for the developer should cover buyers if anything goes wrong.